Namibia

• The final investment decision on the Venus project and the accompanying financial framework.
• The course and financing of the Hyphen green hydrogen project.
• New uranium projects (Tumas and Etango).
• Stability of electricity and water supplies in the Erongo Region.
• The mid-year budget review and the impact of SACU revenues.
• Implementation of the Sixth National Development Plan (2025–2030).

Analysis20

• GDP 2025: $15.1bn — World Bank; N$269.8 billion.
• Real growth 2025: 1.7% — statistics agency; 3.8% in 2024.
• Inflation — June 2026: 4.4% — 2025 average: 3.5%.
• Repo rate: 6.75% — held in August 2026.

• 2021: 3.6% (actual)
• 2022: 5.4% (actual)
• 2023: 4.3% (actual)
• 2024: 3.8% (actual)
• 2025: 1.7% (actual)
• 2026: 2.1% (central bank)
• 2026: 3.1% (Ministry of Finance)
• 2026: 3.5% (World Bank)

• 269.8bn — nominal GDP ($N) — 2025, statistics agency
• 4.8% — second-quarter growth — 2026, year on year
• 2.1% — central bank forecast — for 2026
• NAD = ZAR — fixed peg to the rand — Common Monetary Area

• Estimated revenue: 89.6 billion Namibian dollars
• Expenditure: 89.8 billion, of which 8.47 billion for development
• Deficit: about 5.5% of GDP (according to Deloitte analysis)
• Public debt: 67.8% of GDP
• Debt interest: 16.2 billion (14.3 billion in 2025/26)
• SACU revenues: about 24.3 billion — more than a quarter of revenue

• June 2026: removal from the Financial Action Task Force (FATF) grey list, easing the compliance cost of international banking transactions.
• January 2026: a new governor of the Bank of Namibia.

3 sourcesSources7817

• Uranium 2025: 45%
• Uranium 2021: 38%
• Gold 2025: 32%
• Gold 2021: 24%
• Diamonds 2025: 16%
• Diamonds 2021: 30%

18

• $1.93bn — net foreign investment 2024 — World Bank; 2.29 billion in 2023.
• N$120bn — exports 2025 — 53% of them from mining.
• 67.8% — public debt / GDP — 2026/27 budget
• 24.3bn — SACU revenues ($N) — budget estimate
• 53% — mining share of exports — 2025
• FATF — off the grey list — June 2026

• 20.8k — direct jobs in mining — Chamber of Mines, 2025.
• 7.46bn N$ — fixed investment in 2025 — +31%; and exploration spending of 1.5 billion.
• #3 — global ranking in uranium — 2024
• 45% — uranium share — of mineral exports 2025
• 7.8bn — taxes and fees ($N) — 2025, +39%
• 65% — local procurement — of the sector’s total procurement

• Project: Venus — licence PEL 56 — operator TotalEnergies
• Status (August 2026): technically ready for approval; the final decision is tied to completing the financial framework with the government
• Planned production: peak of about 150,000 barrels per day via a floating production unit (announced by the company)
• First production: targeted around 2030
• Mopane: an asset swap (July 2026) transfers operatorship to TotalEnergies; decision targeted around 2028

Announced

• 2022 — Venus discovery — Orange Basin
• ~150k — barrels per day — planned peak
• ~2030 — first production — targeted
• 35% — petroleum income tax — according to the tax schedule

• 10–12Mt — national target 2050 — hydrogen equivalent per year.
• ~$10bn — cost of the Hyphen project — announced; phase one 175,000 tonnes.
• 2025 — opening of the green iron plant — Arandis, Erongo
• 3.75 GW — renewable capacity — Hyphen — phase one
• 175k t — hydrogen per year — Hyphen — phase one
• 140 MW — planned facility — Walvis Bay

• Trans-Kalahari: Windhoek – Botswana – Johannesburg
• Walvis Bay – Ndola – Lubumbashi: via the Zambezi strip to Zambia, the Democratic Republic of the Congo and Zimbabwe
• Trans-Cunene: north to southern Angola
• Trans-Orange: south to the Northern Cape in South Africa

27

• 254k — twenty-foot-equivalent containers — 2024/25, +48%.
• 8.4Mt — total cargo — 2024/25.
• 4 — overland corridors — towards neighbouring and inland countries
• 35% — of transit shipments — South Africa
• 34% — of transit shipments — Zambia
• 2 — main ports — Walvis Bay · Lüderitz

• Ruacana (hydroelectric): 156
• Imports — South Africa: 123
• Imports — Zambia: 82
• Independent producers: 34

28

• 56% — of electricity is imported — February 2026.
• 20Mm³ — new desalination capacity — per year; 2028 targeted.
• 440 GWh — monthly consumption — February 2026
• ~38% — average domestic generation — over 15 years
• 59.3% — access to electricity — 2024
• 2.1bn — cost of the desalination plant ($N) — targeted operation 2028

• 4.2bn — fish exports ($N) — third quarter 2025
• ~8,000 t — beef to the European Union — per year
• 270k t — charcoal exported — 2023
• 80% — of the Kingdom’s imports from Namibia — wood and charcoal, 2025

• 1.35m — international visitors 2025 — Ministry of Environment, Forestry and Tourism.
• 64.9% — use the internet — 2024, World Bank.
• −6.9% — annual change — compared with 2024
• 2 — UNESCO sites — Twyfelfontein · Namib Sand Sea
• +10.7% — telecommunications sector growth — 2025

• Responsible body: the Namibia Investment Promotion and Development Board (NIPDB), attached to the Office of the President; in 2024 it reported a pipeline of projects under follow-up exceeding 170 billion Namibian dollars. Its executive leadership changes in 2026 — the contact point should be verified.
• Corporate tax: 30% for financial years from January 2025; a proposed cut to 28% has not yet been adopted. Mining 37.5%, diamond mining 55%, petroleum 35%, and registered manufacturers 18% for ten years.
• Value-added tax: 15%; direct exports zero-rated; registration is mandatory above 1 million Namibian dollars in annual sales.
• Withholding tax for non-residents: dividends 10% (holding above 25%) or 20%; interest 10%; royalties 10%; management and technical fees 10%. Namibia is party to double taxation agreements with 11 countries.
• Currency and transfers: the Namibian dollar is pegged to the rand; transfers are subject to the exchange control regime of the Common Monetary Area — to be checked with the bank.
• Export incentives: a deduction of 80% of the taxable income linked to the export of locally manufactured goods (excluding meat and fish).
• Local value addition: a ban on exporting lithium and some critical minerals unprocessed (2023); and a local content policy in the upstream oil sector.
• Economic empowerment: citizen economic empowerment policies are present in licensing, public procurement and some sectors — local partnership requirements should be reviewed with a legal adviser.
• Financial compliance: exit from the Financial Action Task Force grey list in June 2026.
• Land and property: ownership of agricultural land is subject to restrictions and a land reform policy; usufruct rights and long-term leases should be reviewed with the competent authorities.

• Why it merits study: Orange Basin projects are nearing investment decisions, and needs for services, supply and training arise before production.
• What the data support: a planned Venus peak of ~150,000 barrels per day and first production ~2030; a local content policy (2026).
• Potential investor: oilfield services companies, marine logistics and technical training.
• Relevant local body: the upstream petroleum unit in the Office of the President; the National Petroleum Corporation of Namibia (NAMCOR); Namport.
• Needs verification: status of the investment decision, local content requirements, qualification conditions with operators.
• Challenges: decision delays, international competition, local partnership requirements.
• Open question: which services do operators expect to buy locally in the first three years?

Area worth studying, not a ready-made opportunity22

• Why it merits study: a national policy bars the export of lithium and some critical minerals as raw ore, making in-country processing a requirement rather than an option.
• What the data support: a ban on exporting ore (2023); mining exploration of 1.5 billion Namibian dollars in 2025 (+22%).
• Potential investor: mining and processing companies, and mineral investment funds.
• Relevant local body: the Ministry of Industries, Mines and Energy; the Chamber of Mines; the state mining company (Epangelo).
• Needs verification: the scope of the current ban, the licensing system, availability of energy and water for processing.
• Challenges: energy cost, size of proven resources, price volatility.
• Open question: in which minerals does Namibia have proven resources sufficient for economic local processing?

Area worth studying, not a ready-made opportunity

• Why it merits study: more than half of electricity is imported in some months, alongside exceptional solar and wind resources.
• What the data support: imports of 56% in February 2026; average domestic production ~38% over 15 years.
• Potential investor: independent power developers, financiers, storage companies.
• Relevant local body: the National Power Corporation (NamPower); the electricity regulator; the Ministry.
• Needs verification: the tendering and power purchase mechanism, tariff, guarantees, grid connection.
• Challenges: size of the domestic market, competition from regional imports.
• Open question: will upcoming tenders go to grid projects or to industrial customers such as mines?

Area worth studying, not a ready-made opportunity28

• Why it merits study: the industrial coast depends on desalination, and a new plant is under development.
• What the data support: the second Erongo plant: 20 million m³/year, 2.1 billion Namibian dollars, target operation 2028.
• Potential investor: desalination, water operation and engineering companies.
• Relevant local body: the national water company (NamWater); the Ministry of Agriculture and Water; mining companies.
• Needs verification: status of financial close, open supply and operation packages.
• Challenges: high cost, reliance on a limited number of customers.
• Open question: what additional water needs will the new hydrogen and uranium projects generate?

Area worth studying, not a ready-made opportunity30

• Why it merits study: trade that already exists: wood and charcoal are the Kingdom’s largest imports from Namibia.
• What the data support: 26.6 million riyals out of 33.1 million (2025); 270,000 tonnes exported worldwide (2023).
• Potential investor: Saudi importers and distributors, manufacturers of barbecue and bioenergy products.
• Relevant local body: the Namibian Biomass Industry Group; the Ministry of Agriculture.
• Needs verification: Saudi specifications, environmental certificates, shipping cost.
• Challenges: distance, shipping volatility, sustainability requirements.
• Open question: can the trade shift from scattered shipments to regular supply contracts?

Area worth studying, not a ready-made opportunity

• Why it merits study: two national experiences on the same path, and a possible intersection in technology, finance and export.
• What the data support: a green iron plant in operation (2025); an ammonia pilot project in Walvis Bay (2026); a target of 10–12 million tonnes by 2050.
• Potential investor: Saudi energy and chemicals companies, research bodies.
• Relevant local body: the green hydrogen programme at the Presidency; NIPDB.
• Needs verification: status of the Hyphen project, procurement and export frameworks, standards.
• Challenges: global demand, cost of financing, environmental considerations.
• Open question: where does the Kingdom’s hydrogen path meet Namibia’s need for expertise and financing?

Area worth studying, not a ready-made opportunity

• Why it merits study: a producer of high-quality meat and fish looking for new markets, and a local association for halal certificates.
• What the data support: fish exports of 4.2 billion Namibian dollars in one quarter (2025); beef to the European Union and China.
• Potential investor: meat and fish importers, retail chains and hospitality.
• Relevant local body: the Meat Board; the Namibian Halal Association; the Ministry of Agriculture and Fisheries.
• Needs verification: veterinary and halal accreditations with the Saudi Food and Drug Authority, availability of quantities.
• Challenges: supply constraints, distance, health requirements.
• Open question: are there Namibian facilities qualified, or that can be qualified, to export to the Kingdom?

Area worth studying, not a ready-made opportunity31

• Why it merits study: unique nature and growing Saudi demand for distant destinations and wilderness experiences.
• What the data support: 1.35 million international visitors (2025); the Kingdom is not among the ten largest markets.
• Potential investor: luxury tourism and hospitality operators and travel companies.
• Relevant local body: the Namibia Tourism Board; the Ministry of Environment, Forestry and Tourism.
• Needs verification: the visa regime for Saudis, air connectivity, a product suited to family needs.
• Challenges: absence of direct flights, distance, seasonality.
• Open question: what is the actual size of Saudi demand for safari trips in Southern Africa?

Area worth studying, not a ready-made opportunity34

• 8 — areas to study — not ranked by preference
• 0 — officially documented opportunities — at the time this edition was prepared
• 48.6m — riyals of trade 2025 — Saudi exports and imports
• 80% — wood and charcoal — of Saudi imports from Namibia

• Market entry: through a local partner or distributor, or an entity registered with the business authority; large projects through state-owned companies and international operators.
• Local partner: a choice based on operating record, beneficial owner, and empowerment and local content requirements.
• Role of the state: present in mining, oil, energy, water and ports through state-owned companies or government partnerships.
• Currency and payment: the Namibian dollar and the rand circulate; cards are widespread in cities; the exchange control regime should be checked for profit transfers.
• Logistics: long distances and relatively good roads; sea connection via Walvis Bay, and overland via the four corridors.
• Business culture: English is the working language; meetings are arranged in advance through official channels; respect for protocol and punctuality.

38

• What are the economic empowerment or local content requirements in this sector?
• What are the actual taxes and available incentives, and does a double taxation agreement apply?
• How are profits and capital transferred under the exchange control regime?
• Who is the partner’s ultimate owner, and are there disputes or liabilities?
• What is the availability and cost of electricity and water for the project?
• What are the sector licences, their durations, and work permits for experts?
• What is the actual size of local and regional demand (SACU and SADC)?
• What is the realistic timeline for the major related projects (oil, hydrogen)?

Analysis38

• 30% — corporate income tax — 28% proposed — not adopted
• 15% — value-added tax — exports zero-rated
• 1:1 — Namibian dollar to the rand — fixed peg
• 11 — double taxation agreements — according to PwC 2026

• Flights: no direct flights from the Kingdom as far as could be verified; connections via Johannesburg, Cape Town, Addis Ababa or Gulf hubs.
• Point of entry: Hosea Kutako International Airport (WDH), about 40 km east of Windhoek.
• Currency and payment: the Namibian dollar (NAD) is pegged to the rand, and the rand circulates; cards are widespread in cities and hotels.
• Language: English is official and the working language.
• Time zone: UTC+2 — one hour behind Riyadh time.
• Climate: southern hemisphere: a dry winter, mild by day and cold at night (May–September), and summer rains (November–March); the coast is foggy and relatively cool.
• Electricity: 220–230 volts; sockets are of the South African type (check the appropriate adapter).
• Health: review vaccination requirements and malaria prevention guidance for the north and north-east with health authorities before travel.
• Getting around: driving is on the left; long distances and dirt roads away from the main routes; a local driver and advance planning are preferable.

• UTC+2 — one hour behind Riyadh — Windhoek time
• 0 — direct flights — connections via hubs
• NAD = ZAR — pegged currency — the rand circulates
• May–September — dry season — suitable for fieldwork